All banks submit information to the NBU Credit Register under the Law of Ukraine On Amendments to Certain Laws of Ukraine on Establishing and Maintaining of the Credit Register of the National Bank of Ukraine and Improving Credit Risk Management of Banks, starting from 1 September 2019.

The NBU exercises constant control over the compliance of banks with the current legislation regulating the functioning of the Credit Register and verifies the relevance of the submitted data. 

Today in the NBU Credit Register includes information on more than 80 thousand borrowers - individuals (53.2 thousand) and legal entities (27.2 thousand).

“More complete Credit Register database improves the efficiency of credit risk assessment by banks and thus, ensures that the loans are provided to honest borrowers, that ultimately will have positive effect on resumption of lending,” said Natalia Dehtiariova, NBU Banking Supervision Department.

Starting from 1 September 2018, banks were given the opportunity to receive information from the NBU Credit Register. Starting from 1 January 2019, requirements of Section I paragraph 2 subparagraph 2 of the Law entered into force to allow banks use Credit Register data for credit risk assessment. After the procedure for the use of Credit Register data is defined, banks will be able to test it in credit risk assessment during the trial period.

The NBU is continually taking measures aimed at ensuring the timely update of the technical issues of the Credit Register operation. Thus, in 2018, the Specifications of banks` submission to the NBU of a report on bank`s lending transactions with individual and corporate borrowers  and the maintenance of the NBU Credit Register was improved, as well as the software. It enables to improve search engines for receiving information from the Credit Register.

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As a side note, the Law of Ukraine On Amendments to Certain Laws of Ukraine on Establishing and Maintaining of the Credit Register of the National Bank of Ukraine and Improving Credit Risk Management of Banks came into effect on 4 March 2018. Under this Law, the NBU has established the centralized Credit Register that stores all information on borrowers’ credit operations carrying more than 100 minimum wages in debt to a single bank.

Submission of data on individual biorrowers by banks to Credit Register is carried out under laws of Ukraine, in particular in compliance with the Law of Ukraine On Protection of Personal Data.

Borrowers whose data were submitted to the Credit Register are also entitled to receive information about themselves from this register and, if they disagree with its content, to request changes to the information.

Currently, web services of the Credit Register operate 24/7.